Aman Gupta-led boAt-parent Imagine Marketing Attempts to Go Public for the 2nd Time; Files Draft Papers for IPO

Imagine Marketing Ltd., the parent company of boAt, has filed draft papers with the market regulator SEBI under the confidential pre-filing route, marking its second attempt to go public. 

The company is looking to capitalise on improved market conditions and renewed investor confidence in India’s consumer tech sector.

Founded in 2014, Aman Gupta-led boAt has quickly emerged as one of the country’s most recognised audio and wearable brands, known for its stylish, affordable products targeting young, tech-savvy consumers. 

2nd IPO Attempt

Founded in 2013, Imagine Marketing is the parent company of the wearable & audio brand boAt. 

With this IPO move, the company seeks to fund its expansion plans, strengthen R&D capabilities, and diversify its product portfolio.

The confidential filing allows the company to test investor interest and make adjustments before formally launching the public offering. This strategic approach helps maintain business privacy in the early stages of the IPO process.

If approved, this could lead to one of India’s most high-profile public listings in the consumer tech space in recent years.

While the filing is a step forward, the company has clarified that it does not guarantee an IPO will take place.

This is not the first time Imagine Marketing has set its sights on the public market. 

The company had earlier filed for an IPO worth ₹2,000 crore in 2022 but chose to shelve the plan due to unfavourable market conditions. That initial filing included a fresh issue of shares and an offer for sale (OFS) by existing investors.

With the filing now in place, SEBI’s approval and subsequent investor roadshows will determine the IPO’s final timeline and valuation.

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5% Dip in Revenue in FY24

Despite its strong brand presence, Imagine Marketing reported a decline in revenue in FY24. 

The company’s operating revenue fell by approximately 5%, from ₹3,121.6 crore from ₹3,284.7 crore the previous year, reflecting a slowdown in consumer electronics demand amid rising competition and economic headwinds. 

The company still managed to cut its net losses nearly in half, from ₹135.3 crore to ₹70.8 crore.

India’s IPO pipeline is gaining momentum again, buoyed by robust domestic liquidity and investor appetite for profitable, consumer-facing tech brands. 

boAt, which has seen strong demand for its smartwatches, wireless earbuds, and audio accessories, is hoping to ride that wave.

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